The Real Deal
Mayor Bill de Blasio’ signature affordable housing plan, already troubled by a string of setbacks at the start of year as rezonings encountered roadblocks, is set to take another big blow.
The mayor has proposed cutting $583 million from the plan’s budget
for the fiscal year which ends June 30 and another $456 million next
year, Politico reported. The de Blasio administration says it will
compensate by adding just over $1 billion to the budgets for fiscal
years 2022 through 2024.
“The agency is taking a hard look at the projects in our pipeline and
working creatively with partners to find additional sources of
financing to move our projects forward,” a spokesperson for the city’s
housing department told Politico.
“We understand that affordable housing will be more important than
ever on the other side of this crisis, which is why we are advocating
for more federal resources to support our push forward.”
All those open streets aren't going to pay for themselves.